July 14, 2021

Something You Need to Know About Property Management

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Patricia Zhao

Something You Need to Know About Property Management

Although 80% of property owners in Australia employ the services of property managers, many people still do not understand the services that real estate agents should provide.

Whether you recently acquired your first investment property, or a successful owner who already has multiple investment properties in your portfolio, you may learn more to help you maximize your returns.

What is property management? 

Property management is the management of residential or commercial buildings. This is all things to maintain, develop and manage investment properties. Ensuring that the property is in good condition and that the tenants are satisfied is an art form that requires a lot of work.

In Australia, properties can be managed by real estate agents and property managers, or they can be done independently by the investment owners themselves (called DIY property management).

What is a property manager?

The responsibility of the property manager is to maximize the income generated by the rental property and minimize the risk exposure. Property managers help landlords-landlords manage investment properties. Their main responsibilities include tenant screening, rent collection, liaison with tenants, and property maintenance. However, the property manager can also handle almost everything related to maintaining and renting your investment property.

Duties and responsibilities of a property manager role

The duties and responsibilities of the property manager will vary according to the services they provide and the fees you agree to pay in the property management contract. Nevertheless, any property manager has a basic level of responsibility, which can be divided into 4 key areas.

The following is a quick overview of the basic services that any property manager should take care of and do well:

1) Marketing your property

The quality of the tenants your property attracts depends on how your property is listed.

The search for good tenants starts with a rich candidate base. In general, you are playing a number game. A good property manager will develop a reliable offensive plan when bringing your property to the market.

2) Screen suitable tenants

Placing a good tenant in your property at the very beginning ensures that the possibility of potential problems is reduced.

3) Deal with your rental income and maintenance expenses

By maximizing your rental yield, you will be able to enjoy higher cash inflows. A good property manager will constantly monitor the market and let you know when to increase or decrease the rent, so as to know what the best rent for your property is.

4) Any problems

Responsiveness and good communication are also the duties of a good property manager. They will ensure effective communication between you and your tenants. This means keeping you informed about everything that is happening to your property at any time, and addressing any concerns or requests of tenants when it happens.

Benefits of using a property manager

Property managers can use their extensive industry experience and local knowledge to help improve your performance. They help reduce your risk. A good property manager will reduce the possibility of long-term vacancy and will have strategic significance for your property in the coming years.

With the help of professionals, it has become easier to manage investment properties, and we don’t just say that for it. We compared the advantages of using a property manager.

Our team of property managers

The most important piece of the puzzle to how we deliver our service is that we're a team of property experts powered by technology.

At AUV Real Estate, we use a team-based approach to property management, each rental owner gets a dedicated team of experts.

Reaching out to the team today to get further information.

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